The American papermaker group announced plans Tuesday to raise prices on all its paper products to make up for the cost of its technology.
The group will offer papermaking equipment at about 50 percent less than what it costs to make the same products at the current price, AZPLCO said in a statement.
The company also will cut the number of papermakers it employs to about 700 from more than 10,000.
The move follows a recent announcement that the company was considering cutting more than 30,000 jobs.
AZPLSO had announced plans in December to raise the cost for its papermakers to 50 percent below the current cost.
AZSPO, the company that makes paperclips and other paper products, said it would also raise prices to offset the lower price of papermaking technology.
AZLOW, the same company that made paperclips, said Tuesday that it would make all its products at lower prices than those it sells now.
The Arizona company is the largest papermaker in the United States, producing about 100 million paperclips a year, about half of which are used for packaging and paper products.
It is the second-largest producer of paper products in the world after China. ____